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Refer to the data below. ...

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Question

Accounting

Refer to the data below.

Retained earnings, December 31, 2016 $ 692,800
Cost of buildings purchased during 2017 83,600
Net income for the year ended December 31, 2017 113,800
Dividends declared and paid in 2017 65,000
Increase in cash balance from January 1, 2017, to December 31, 2017 46,000
Increase in long-term debt in 2017 89,200

Required:

From the above data, calculate the Retained Earnings balance as of December 31, 2017:

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